COLLATERAL RECOVERY STATISTICS
More than 107 million Americans have at least one active car loan right now. About 6 million Americans with an active loan are 90 days or more behind on their car payments. When consumers default on a loan, such as a car loan, the consumer can be ordered to turn the product over because. Most owners refuse to do so. That's where the Auto Recovery Industry steps in to help. Auto Recovery Companies were able to recoup over $800 million dollars that were returned to the bank to relend to the consumer. An Auto Recovery Company's value is worth billions of dollars to the economy and specifically the auto finance Industry. In 2019, auto loans totaling over $568 billion went into default.
- 2 million vehicles are repossessed every year (2019 updated data)
- 5,418 repossessions every day
- 226 car repossessions each hour
- 3.76 repossessions a minute